The South Korean shipbuilder Hyundai Heavy Industries (HHI) has reported a net profit of KRW 682.3 billion (USD 596.6 million) for the full year of 2016, returning from a loss of KRW 1.36 trillion (USD 1.18 billion) seen in the full year 2015…
Korea Development Bank, the main creditor of the dissolved Hanjin Shipping Co. and state-owned entity, has put 10 Hanjin vessels up for sale in order to source back elements of its extended loans, reports Yonhap. According to the sources…
BP's oil trading business, one of the biggest in the sector, reported a rare loss in the fourth quarter after it lost a $70 million lawsuit over an oil cargo delivered to a Moroccan refinery. BP's Chief Financial Officer Brian Gilvary said…
Scorpio Bulkers has its loss narrowed to $124.8 million, or $2.22 per share for the year ended December 31, 2016, compared with a net loss of $510.7 million seen in the same period a year earlier. However, it reported a loss of $20.6 million in its fourth quarter of 2016 ended December 31…
The Seoul Central District Court Thursday decided to end the bankruptcy protection of Hanjin Shipping Co. Ltd (Hanjin Shipping), leaving the company to succumb to a declaration of bankruptcy later this month, Yonhap reported. Hanjin, once…
Port authorities in Chennai have impounded a BW LPG vessel and a local ship carrying heavy fuel oil, and detained their crews, a spokesman for the port said on Friday, after their collision last week caused an oil spill affecting marine life and local fishing…
India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel. Indian Finance Minister Arun Jaitley presenting the Budget for 2017-18 in Parliament halved the import duty on LNG to 2…
InterManager, the trade association for in-house and third party ship managers, together with The Warsash Maritime Academy, has presented the findings of its fatigue study, Project MARTHA, to The International Maritime Organization (IMO).Speaking at the presentation last night…
Broward County's Port Everglades will move forward with a public-private partnership with the Port Everglades International Logistics Center, LLC (PE-ILC) for the design, construction, financing, operation and maintenance of a new logistics center at the Port…
TFI International, formerly known as TransForce, a North American leader in the transportation and logistics industry, has announced that a wholly-owned subsidiary of TFI International has acquired Cavalier Transportation Services Inc. Cavalier's…
Two Florida ports have canceled plans to sign cooperation pacts with Communist-ruled Cuba after state Governor Rick Scott threatened to cancel their funding if they did business with the 'Cuban dictatorship.'The news comes as Cuba watchers…
The American Association of Port Authorities (AAPA) – the recognized and unified voice of America’s seaports – is encouraged by the release yesterday of the infrastructure investment outline by Senate Minority Leader Chuck Schumer (D-NY) and Senate Democrats…
Wook Chung, former General Counsel at Hanjin Shipping America, has joined the maritime and transportation practice of law firm Montgomery McCracken. Chung will serve as Of Counsel in the firm’s New York office. As General Counsel at Hanjin Shipping America…
Commissioner William P. Doyle Votes to reject joint contracting authority for Ro/Ro foreign carriers to negotiate collectively for U.S.-Flag tug services. Doyle's Statement, shown below, says new rules go beyond the scope of the Shipping Act and shipping practices harmful to U…
International law firm Hill Dickinson has announced that its application to operate as a single entity in Hong Kong has been approved by the Law Society of Hong Kong following the completion of a three year period of association with a local Hong Kong firm…
